MRP Realty Launches it’s own Co-working Concept in Logan Circle
The biggest storyline in commercial real estate over the past two years, both regionally and nationally, has been the rise of co-working. Companies like WeWork, MakeOffices and 1776 have become household names that are disrupting traditional office leasing. In fact, co-working has become so popular that the Washington DC Economic Partnership states there are now over 70 co-working spaces in Washington, DC alone, a 40% increase since 2015.
As the demand for co-working has soared, several companies have attempted to enter the market by unveiling different shared workspace concepts, despite having no prior experience in real estate. Surprisingly, few real estate developers have launched co-working spaces of their own, preferring to rent portions of their buildings out to third party operators. That all changed last week when one of the area’s top developers, MRP Realty, unveiled the Logan Exchange, a 32,000 SF historic building dedicated entirely to co-working.
Located two blocks west of Logan Circle and a stone’s throw away from the heart of the 14th Street Corridor, Logan Exchange at 1509 16th Street is perfectly positioned to attract the dynamic workforce flocking to this portion of northwest. Predominantly appointed with residential and retail buildings, Logan Circle is ripe for this type of product, fueling MRP’s hope to capture the growing number of professionals using the surrounding coffee shops as their workspace.
One major difference between Logan Exchange and its competitors is the boutique, community feel. Typically, co-working spaces occupy large floors with rows and rows of glass offices, offering little privacy in a fishbowl setting. Having more intimate floorplates of just about 3,200 SF, members of Logan Exchange can have a large presence in a smaller building.
There are about 15 offices on each floor that vary in size to accommodate 1-12 desks. For around $600 per desk per month, members can have their own branded area in the building along with full access to the shared amenities. Being that it is a free-standing building, nearly all of the offices are windowed and have the right balance of glass, brick and drywall, so members have enough privacy to work uninterrupted.
The building’s first floor houses the kitchen with free coffee and beer on tap, and a lounge area with comfy couches, high tops and flat screen televisions. This area is open to all members of Logan Exchange, along with the lower level, which is where the conferencing, call rooms, wellness room and massage chairs can be found. Yes, massage chairs!
And if that’s not enough, one of my favorite perks about Logan Exchange is that it is that it is pet friendly. Members are allowed to bring their dogs to the office, and if you happen to prefer running to work with your K9, there are locker rooms with showers to clean right up. If running to the office isn’t a possibility, the Dupont Circle Metro is just a few blocks away, or you can park in one of the 20 spaces in the surface lot next door.
Finally, to provide even more flexibility for its members, MRP is offering a tenant passport, where members of Logan Exchange can access any of MRP’s shared conference centers and tenant lounges throughout its DC-area portfolio. To check out MRP’s local portfolio, click here.
To arrange a tour of Logan Exhange or to learn more about the building, please contact us!